RECPDCL transfers Bhadla Ramgarh, Shongtong transmission SPVs

REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC Limited, transferred two project-specific Special Purpose Vehicles (SPVs) on July 29, 2026, to successful bidders selected through the Tariff-Based Competitive Bidding (TBCB) process. 

Bhadla Ramgarh Power Transmission Limited was transferred to Power Grid Corporation of India Limited (PGCIL), while Shongtong Power Transmission Limited was transferred to Terralight Solar Energy Tinwari Private Limited (TSETPL).

Bhadla Ramgarh

PGCIL acquired 100% of Bhadla Ramgarh Power Transmission Limited on July 29, 2026, after emerging as the successful bidder for the Inter-State Transmission System (ISTS) project titled “Augmentation at Bhadla-III, Ramgarh PS and Kanpur (PG).” PGCIL had received the Letter of Intent (LoI) for the project on July 9, 2026.

The project will be implemented on a Build, Own, Operate and Transfer (BOOT) basis and involves augmentation and bay extension works at Bhadla-III Substation and Ramgarh Substation in Rajasthan, and Kanpur Substation in Uttar Pradesh.

Bhadla Ramgarh Power Transmission Limited was incorporated by the Bid Process Coordinator on May 8, 2026, for development of the power transmission project. PGCIL acquired the company for cash consideration of approximately Rs 12.86 crore, including 50,000 equity shares with a par value of Rs 10 each, together with the SPV’s assets and liabilities as of the acquisition date. PGCIL had no prior interest in the entity, and the acquisition is not a related party transaction.

Shongtong project

Shongtong Power Transmission Limited houses the ISTS-TBCB scheme titled “Transmission system for evacuation of power from Shongtong Karcham HEP (450 MW) and Tidong HEP (150 MW).” The project is intended to create evacuation infrastructure for the two upcoming hydropower projects in Himachal Pradesh.

The project went through a second bidding round after the original process was annulled in September 2024.  Five developers were shortlisted for opening of initial price bids in the fresh round: PGCIL, AESL, Resonia, Dineshchandra R. Agarwal Infracon Private Limited (DRAIPL) and TSETPL. TSETPL ultimately emerged as the successful bidder and acquired the SPV from RECPDCL on July 29, 2026, for Rs 20,40,66,599, including taxes, professional fees and reimbursement of expenses.

EnerGrid platform

TSETPL is a subsidiary of Enerica 3 Infra Private Limited, part of Enerica Regrid Infra Private Limited (EnerGrid), an investment platform co-promoted by IndiGrid Infrastructure Trust (IndiGrid), British International Investment (BII) and the Norwegian Climate Investment Fund (Norfund).

IndiGrid uses EnerGrid to bid for power transmission and Battery Energy Storage System (BESS) projects under the Tariff-Based Competitive Bidding (TBCB) route. Projects developed through the platform are to be acquired by IndiGrid one year after their respective Scheduled Commercial Operation Dates (SCOD).

The featured photograph is for representation only.